Oregon Complaint - Judicial Foreclosure of Trust Deed
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FAQ
Banks and other lenders typically use a trust deed. A trust deed can be foreclosed by a lawsuit in the circuit court of the county where the property is located. This type of foreclosure is referred to as a judicial foreclosure and is now common for residential loans in Oregon.
Again, most residential foreclosures in Oregon are nonjudicial. Here's how the process works. Before filing a notice of default, the lender provides you (the borrower) with notice about participating in a resolution conference (mediation).
Step 1 Notice of Default. Record a Notice of Default with the county recorder. Step 2 Notice of Sale. If the borrower does not pay the balance stated in the Notice of Default within the deadline, the lender can go ahead with recording a Notice of Sale. Step 3 Auction. Step 4 Obtain Possession of Property.
Oregon borrowers can expect that the foreclosure process will take approximately six months to complete if everything goes smoothly during the foreclosure. Court delays, borrower objects or a borrower's filing for bankruptcy can delay the process.
Currently, 22 states in the U.S. only allow banks to attempt judicial foreclosures, including Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, Vermont, Virginia, and
Judicial foreclosure is when foreclosure proceedings on a property take place through the court system. This type of foreclosure process often occurs when a mortgage note lacks a power of sale clause, which would legally authorize the mortgage lender to sell the property if a default occurred.
If the borrower defaults on the loan, the trustee has the power to foreclose on the property on behalf of the beneficiary. In most U.S. states, a deed of trust (but not a mortgage) can contain a special "power of sale" clause that permits the trustee to exercise these powers.
In Oregon, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust.
To contest a judicial foreclosure, you have to file a written answer to the complaint (the lawsuit). You'll need to present your defenses and explain the reasons why the lender shouldn't be able to foreclose. You might need to defend yourself against a motion for summary judgment and at trial.